YACHT INSURANCE

“We guarantee the best underwriting, premium and services ”

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The insurance company creates insurance products and drafts the general conditions of contracts

In the marine environment, claims can range from a few thousand to several million (€, $ ,£)
It is therefore very important in view of the sums involved to thoroughly check out the financial reliability of the company, because it will be paying the founds in the event of a claim.

Conditions of insurance may be of international standards (R12, IYC, Etc.) defining the basic standard of guarantees with the addition of special conditions specific to the insurance company.
It is also possible that the insurer has its own clauses negotiated directly with the insurance company.

Therefore, within the same insurance company, there are several yacht insurance contracts which may be proposed by marine insurance brokers.

Broker, Agent have agreements to sell the products of one or several insurance companies.
They are paid differently depending on the insurance company, the type of insurance and the business volume generated among the companies.

The broker drafts his offer according to the characteristics of the vessel defined by:

– The brand
– The Market Value
– Its use (private / charter)
– The Flag
– The size
– The areas of navigation
– The history
– Etc.

The modification of one of its vectors modifies risk assessment by the insurer and the insurance company. It is therefore important to compare all types of insurance offered by different brokers and underwriters to optimise the guarantees and premiums.

Some conditions are basic to all forms of insurance such as

– Losses and damage
– Engine failure
– Costs of recovery, search at sea, bail-outs, towing and destruction of the wreck
– Legal protection
– Cost of assistance and rescue
– Total / partial theft
– Damage and theft to personal goods and effects
–Loss of charter hire
– ….

 

Special conditions may be added and negotiated according to the company and the insurer
These guarantees can be limited by deductibles which are relatively significant in the marine sector.

Protection and indemnity insurance, more commonly known as “P&I” insurance, is a form of mutual maritime insurance provided by a P&I Club. Whereas a marine insurance company provides “hull and machinery” cover for shipowners a P&I Club provides cover for open-ended risks that traditional insurers are reluctant to insure.

P&I Insurance is mandatory on “Commercial Yacht” to comply with International and Flags regulations.

Typical P&I cover includes: a carrier’s third-party risks for damage caused to cargo during carriage; war risks; risks of environmental damage such as oil spills and pollution; crew welfare; water sport coverage…

 

We compare and analyse all Yacht Insurance conditions from the best marine underwriters to offer the best contracts that correspond to the specific characteristics of your vessel 

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Through our network, we have better conditions and rates than a common Marine Insurance Broker whatever the providers

By choosing your insurance through us, you not only have the best choice of yacht insurance but also the certainty of getting the advantage each year of the best guarantees and prices

If you are already insured, We deal with termination and adherence to the new chosen contract

We bring you an additional service upstream from the insurers in the event of a claim, responsible or not, to guide you and maximise the amounts your receive

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